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Liquidator banned for three years over 'failures'

Lucy Battersby

LIQUIDATOR Ian Struthers has agreed to a three-year ban from his profession after the corporate watchdog found he failed to properly execute 45 liquidations.

The Australian Securities and Investments Commission found he failed to provide remuneration reports for 16 external administrations, or took remuneration exceeding maximum limits. It also found he did not properly account for expenses, lodge paperwork on time, or produce minutes for meetings.

In an enforceable undertaking, the Sydney-based liquidator admitted he ''failed to carry out or perform adequately and properly the duties of a liquidator''. He must now request to be deregistered as a liquidator and not re-apply for registration for at least three years.

Meanwhile, the registration of Melbourne-based liquidator Paul Anthony Pattison was cancelled following last year's declaration he was bankrupt.

Investigations by ASIC also led to a ban on Mr Pattison managing corporations for four years, because he was the sole director of three companies owing $4.7 million. Mr Pattison ran Pattison Consulting and Pattisons Business Recovery & Insolvency Specialists.